3 Common Seller Questions
Home sellers have lots of questions. When it comes to selling a house, there is so much to do and know. We understand that approaching a home selling experience for the first time or even the first time in a couple years can be overwhelming. Below are some of the most frequent questions that have popped up during this time.
Is it possible to change my mind and not sell the house?
Timing is very important on this. We understand that sometimes your needs and wants change during the process of selling your house and this of course could lead to the decision not to sell your house.
- Before you receive an offer:
You can take your house off the marker in two ways, the first is to stop showing your property by putting it on a “do not show” status on MLS system until the contract with your Realtor runs out. The second option would be to cancel your listing, if both you and your Realtor agree to the cancellation. There may be costs associated with this for a Real Estate firm to release you from your contract
- After you receive an offer:
You can still change your mind about not selling after you have received an offer from a buyer. You can simply reject or not accept the offer.
However, if you signed the offer back, you cannot change your mind during the irrevocable time.
If all the terms have already been agreed upon by both parties, a binding agreement has been established. Since you now have a binding contract in place you will most likely get sued by the buyer if you do not honour it.
Do I still have to have an open house after a buyer has been found?
Most homes sell “conditionally” for a week or so before they sell “firm”. This means that most buyers will have conditions of acquiring a mortgage financing and having an inspection done on the home before their offer to buy becomes firm and binding. This process normally takes about a week or so. However, during this conditionally sold period you should still offer your house for sale, just in case the offer falls through. It is always good to have a backup plan in place.
How can I tell if my house is overpriced?
The best way to tell if your house is overpriced is if you are getting a lot of people interested in a showing but no offers are coming in. Majority of people are too polite to put in a lowball offer on the house.
Should I fix something like the roof before selling?
House buying is a process of elimination. Homebuyers will eliminate homes off their list for trivial reasons, like a leaky roof, so if you are thinking about doing improvements to the home like fixing the roof, DO IT!